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Axiomatizations of Neoclassical Concepts for Economies

Oscar Volij () and Roberto Serrano ()

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: We characterize the Pareto correspondence, the core and the Walras solution using the axioms of consistency, converse consistency and one-person rationality. Consistency and its converse are defined with respect to suitably constructed reduced economies for each case. Our results hold for the well-known class of coalitional production economies, which covers exchange economies as a particular case. The key reason to use this class is the observation that the reduction of an exchange economy yields a production economy. Author Keywords: Consistency; Reduced economy; Core; Walrasian equilibrium

Date: 1998-01-01
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Published in Journal of Mathematical Economics 1998, vol. 30, pp. 87-108

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